euro adhoc: Curanum AG
Quarterly or Semiannual Financial Statements
CURANUM Increases EBITDA Margin to 14.3% in Second Quarter of 2005

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In the first quarter of 2005 CURANUM AG, Munich, increased its sales revenue from EUR 46.4 m to a total of EUR 47.4 m. In the entire first half of the year proceeds grew by almost 5% to reach a total of EUR 93.6 m (previous year EUR 89.2 m). Thanks to the increase in occupancy and increases in the calculation of investment costs the Munich operator of senior citizens and nursing care centers was even able to increase its sales with 150 beds less than in the previous year. Overall proceeds from nursing care and service rose to a total of EUR 84.1 m (compared with EUR 79.9 m in the previous year), the apartment division with out-patient services amounted to EUR 5.7 m as in the previous year and other revenues accounted for EUR 3.8 m (previous year: EUR 3.5 m) of sales revenues.

The CURANUM Group achieved a result before interest, taxes, depreciation and amortization (EBITDA) of EUR 6.8 m (previous year: EUR 5.5 m) in the second quarter of 2005 alone, so that the EBITDA margin rose to 14.3%. The EBIT margin also developed quite positively in the three months from April 1 to June 30: the net yield ratio for the operating result increased from 9.4% in the second quarter of 2004 to 12.2% in the second quarter of 2005.

The result after taxes (net profit) climbed in the second quarter from EUR 1.9 m to EUR 2.5 m, almost reaching the peak of the entire half-year result of the previous year. Earnings per share (EPS) increased to EUR 0.09, following EUR 0.06 in the second quarter of the previous year.

In the first half of 2005 CURANUM AG achieved a result before interest, taxes, depreciation and amortization of  EUR12.7 m (previous year: EUR 10.2 m), which corresponds to a EBITDA margin of 13.6%. The operating result (EBIT) improved from EUR 7.6 m to EUR 9.8 m, while the prior-tax result rose by 63% to EUR 6.7 m (previous year: EUR 4.1 m). CURANUM AG concluded the first half of the year with a net profit for the period of EUR4.2m (previous year: EUR2.6m), while earnings per share improved from EUR 0.09 to EUR 0.14 at the end of the period under review.

As a consequence of these good results we are planning to achieve sales revenue in the amount of EUR 187.8 m for the entire year of 2005 - in accordance with International Financial Reporting Standards (IFRS) - and EUR 25.6 m in terms of our EBITDA, as well as a result after taxes of EUR 8.5 m.

Munich, August 11, 2005

The Board of Management

in EUR m                    Q2 - 2005 Q2 - 2004 to previous year:
Sales revenue         47.4         46.4         2.2%
Personnel costs      24.0         23.5         2.1%
Rental expense        7.0          8.2          -14.6%
EBITDA                    6.8          5.5          23.6%
in % of sales         14.3%        11.9%
Depreciation          1.1          1.1          0.0%
EBIT                        5.8          4.4          31.8%
in % of sales         12.2%        9.5%
Financial result    -1.8         -1.7         5.9%
EBT                         4.0          2.6          53.8%
Net profit              2.5          1.9          31.6%
EPS (EUR)                  0.09         0.06         50.0%

in EUR m                    HY1 - 2005 HY1 - 2004 over previous year

Sales revenue         93.6          89.2          4.9%
Personnel costs      47.4          45.8          3.5%
Rental expense        15.7          16.0          -1.9%
EBITDA                    12.7          10.2          24.5%
in % of sales         13.6%         11.4%
Depreciation          2.9            2.6            11.5%
EBIT                        9.8            7.6            28.9%
in % of sales         10.5%         8.5%
Financial result    -3.1          -3.5          -11.4%
EBT                         6.7            4.1            63.4%
Net profit              4.2            2.6            61.5%
EPS (EUR)                  0.14          0.09          55.6%

@@start.t2@@end of announcement                                                 euro adhoc 11.08.2005 10:16:50

ots Originaltext: Curanum AG
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Further inquiry note:
Bernd Rothe
Tel.: +49 (0)89 242065-60

Branche: Healthcare Providers
ISIN:      DE0005240709
WKN:        524070
Index:    Prime Standard, CDAX, Classic All Share, Prime All Share
Börsen:  Frankfurter Wertpapierbörse / regulated dealing
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              Berliner Wertpapierbörse / free trade
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              Börse Düsseldorf / free trade
              Bremer Wertpapierbörse (BWB) / free trade

Weitere Meldungen: CURANUM AG

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